On 1 July 2016, EnQuest announced a discovery in respect of the recently drilled Eagle exploration well in the Central North Sea. EnQuest asserted that it had drilled the well on a 100% working interest basis.

Prior to EnQuest proceeding to drill the Eagle exploration well, Dana had asserted to EnQuest that EnQuest did not have authority to do so.

It remains Dana’s position that it has a 50% ownership interest in the Eagle well discovery and it has reserved its rights under the relevant licence, under the Joint Operating Agreement and at law.

The company looks forward to the further evaluation of the Eagle results in due course.

About Dana Petroleum Limited

Dana Petroleum Limited is a wholly owned subsidiary of the Korea National Oil Corporation (KNOC). We are an international oil and gas business with operations in the UK, Egypt, the Netherlands and Africa, producing an average of 50,000 barrels of oil a day. Dana holds 25 operated and 19 non-operated licences in the UK.

About EnQuest

EnQuest is the largest UK independent producer in the UK North Sea. EnQuest PLC trades on both the London Stock Exchange and the NASDAQ OMX Stockholm.
Its operated assets include the Thistle/Deveron, Heather/ Broom, Dons area, the Greater Kittiwake Area and Alma/Galia, also the Kraken and the Scolty/Crathes developments; EnQuest also has an interest in the non-operated Alba producing oil field. At the start of 2016, EnQuest had interests in 30 UK production licences, covering 42 blocks or part blocks and was the operator of 25 of these licences.
EnQuest believes that the UKCS represents a significant hydrocarbon basin, which continues to benefit from an extensive installed infrastructure base and skilled labour.

EnQuest believes that its assets offer material organic growth opportunities, driven by exploitation of current infrastructure on the UKCS and the development of low risk near field opportunities. EnQuest is replicating its model in the UKCS by targeting previously underdeveloped assets in a small number of other maturing regions; complementing its operations and utilising its deep skills in the UK North Sea. In which context, EnQuest has interests in Malaysia where its operated assets include the PM8/Seligi Production Sharing Contract and the Tanjong Baram Risk Services Contract.